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AeroVironment, Inc. (AVAV)

  • Thu, Apr. 30, 6:06 PM
    • Wahid Nawabi, the head of AeroVironment's (NASDAQ:AVAV) EV charging system unit (EES) since 2011, has been promoted to the role of COO. Both the heads of EES and AeroVironment's UAV unit (UAS) will report to him.
    • In addition, UAS chief Roy Minson is stepping down from his current position to "lead the company's strategic entry into the emerging [commercial drone] market." Like Nawabi, he'll continue reporting to CEO Tim Conver.
    • Kirk Flittie, former the head of AeroVironment's large UAV business, will now be in charge of UAS. Kenneth Karklin, formerly in charge of quality systems, manufacturing engineering, and services, will run EES.
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  • Wed, Mar. 4, 2:27 PM
    • Up AH yesterday after missing FQ3 revenue estimates, beating EPS estimates, and reiterating FY15 guidance, AeroVironment (NASDAQ:AVAV) is now off sharply. Shares are less than $1 above a 52-week low of $24.73.
    • On the CC (transcript), CEO Tim Conver stated AeroVironment doesn't expect a decision regarding a Phase III contract  for DARPA's TERN program until FY16; AeroVironment won a $19M Phase II TERN contract for a maritime UAV system last October.
    • A couple of analysts quizzed the company in the Q&A about R&D spending, which is currently behind plan. Conver: "We're trying to play catch up in Q4."
    • SA author AtonRa Partners likes the FQ3 numbers, albeit while cautioning FY16 "could be another transition year with limited revenue momentum and still high R&D investments pressuring earnings," given major new projects aren't expected to contribute meaningfully in the near-term. "[W]e are confident AeroVironment will build a leading position over the years in commercial drones. But admittedly, the short term is likely to remain unexciting."
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  • Tue, Mar. 3, 5:24 PM
    • In spite of its FQ3 revenue miss, AeroVironment (NASDAQ:AVAV) is reiterating FY15 (ends April '15) revenue guidance of $250M-$270M; consensus is at $258.2M.
    • Funded backlog at the end of FQ3 was $89.3M, down from $125.2M at the end of FQ2 (seasonality) and $95.5M a year earlier.
    • Driving the EPS beat: Gross margin was 39%; up from FQ2's 34% and flat Y/Y; by contrast GM fell 300 bps Y/Y in FQ2. GAAP SG&A spend rose by $100K Y/Y to $13.3M; R&D rose by $3.4M to $8.6M.
    • UAV division revenue rose 1% Y/Y to $58M; EV charging division revenue fell 12% to $10.4M.
    • AVAV +1.6% AH to $28.55.
    • FQ3 results, PR
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  • Tue, Mar. 3, 4:28 PM
    • AeroVironment (NASDAQ:AVAV): FQ3 EPS of $0.10 beats by $0.04.
    • Revenue of $68.4M (-1.2% Y/Y) misses by $1.11M.
    • Press Release
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  • Mon, Mar. 2, 5:35 PM
  • Wed, Feb. 18, 8:58 AM
    • As a step toward providing allied nations with weapons, the U.S. government has established a policy that will permit the widespread export of armed drones for the first time.
    • Under the new rules, foreign governments' requests for drones will be examined on a case-by-case basis, while recipient nations must agree to certain "end-use assurances."
    • To date, the U.S. has sold its armed drones only to Britain. Unarmed military drones, used primarily for intelligence, have been sold to several countries, including France and Italy.
    • The shift in policy comes just days after the FAA proposed rules that would lift some restrictions on drones for commercial use.
    • Related stocks: AVAV, NOC, TXT, LMT, LLL, RTN, BA, SAIC, GD, OA, COL, UTX
  • Thu, Feb. 5, 6:47 PM
    • Jikun Kim, AeroVironment's (NASDAQ:AVAV) CFO since 2010, has resigned to "pursue other business opportunities." Finance VP Teresa Covington has been named interim CFO.
    • The UAV maker insists Kim's departure is "unrelated to any issues regarding financial disclosures, accounting or legal matters."
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  • Nov. 26, 2014, 12:49 PM
  • Nov. 25, 2014, 5:42 PM
    • Top gainers, as of 5:15 p.m.: PHMD +13.2%. VEEV +8.9%. BLOX +7.6%. CPE +3.8%. ANGI +2.7%.
    • Top losers, as of 5:15 p.m.: VNET -14.5%. IQNT -4.6%. SNC -4.4%. UCI -3.3%. AVAV -3.2%.
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  • Nov. 25, 2014, 5:37 PM
    • AeroVironment (NASDAQ:AVAV) still expects FY15 (ends April '15) revenue of $250M-$270M (in-line with a $258.6M consensus) and gross margin of 34.5%-37.5%.
    • Funded backlog totaled $125.2M at the end of FQ2, up from $82M at the end of FQ1 but down from $133.8M a year earlier.
    • UAV division revenue fell 23% Y/Y to $43M; EV charging division revenue rose 9% to $9.6M.
    • Gross margin fell to 34% from 37%. GAAP SG&A spend rose 3% Y/Y to $13.5M; R&D spend rose 24% to $8.5M.
    • FQ2 results, PR
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  • Nov. 25, 2014, 4:37 PM
    • AeroVironment (NASDAQ:AVAV): FQ2 EPS of -$0.13 misses by $0.02.
    • Revenue of $52.67M (-18.8% Y/Y) misses by $1.97M.
    • Press Release
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  • Nov. 24, 2014, 5:35 PM
  • Oct. 8, 2014, 10:20 AM
    • DARPA has selected AeroVironment (AVAV -0.2%) to follow its successful phase I maritime unmanned aircraft system concept design with a phase II preliminary design for the Tactically Exploited Reconnaissance Node program.
    • The 12-month, $19M phase II contract seeks to conclude with subscale flight demonstrations prior to a planned phase III award decision.
  • Sep. 30, 2014, 9:57 AM
    • AeroVironment (AVAV -1%) has received three firm fixed-price orders from the U.S. Army totaling $27M for RQ-11B Raven and RQ-20A Puma unmanned aircraft systems spare parts.
    • The latest orders increase the total value of orders for Raven and Puma AE UAS spare parts and Raven upgrades received since May 2014 to $77.6M.
  • Sep. 24, 2014, 1:07 PM
    • The U.S. Marine Corps has placed a $21.8M order for AeroVironment's (AVAV +2.5%) RQ-12 Wasp AE UAVs and related spares packages.
    • The Marines plan to use the RQ-12 as a short-range UAV solution, complementing AeroVironment's RQ-11B Raven and RQ-20A Puma systems; the latter acts as a long-range solution.
    • AeroVironment had an $82M funded backlog at the end of its July quarter, up from $76.9M a year earlier.
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  • Sep. 3, 2014, 5:35 PM
    • Top gainers, as of 5:15 p.m.: TIBX +7.9%. BV +5.3%. PVH +5.1%. IO +3.5%. MHGC +3.1%.
    • Top losers, as of 5:15 p.m.: MTRX -15.9%. SCVL -7.9%. AVAV -5.9%. SONC -3.8%. YUM -3.5%.
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Company Description
AeroVironment Inc is engaged in the design, develop, produce, support and operate a technological portfolio of products and services. It supplies unmanned aircraft systems, UAS, tactical missile systems and related services within the US DoD.